AMP is selling its SuperConcepts self-managed superannuation fund (SMSF) admin and software business.
The firm had entered into an agreement to sell the business to a private management group and Pemba Capital Partners, an AMP statement to the Australian Securities Exchange (ASX) said.
The statement noted the unnamed management group included former CountPlus chief executive, Matthew Rowe, who would lead the brand going forward as managing director. Other management team members included Brad Ackermann as chief operating officer and Andrew Row as executive director of client services.
Current chief executive of SuperConcepts, Grant Christensen, would depart after two years as CEO and 17 years with the business.
SuperConcepts provides SMSF administration, compliance and technology solutions to advisers, accountants and individual investors.
Upon completion, AMP would receive an upfront cash consideration of approximately $8 million, subject to typical post-completion adjustments. The transaction is expected to result in an accounting loss on sale of approximately $7 million.
AMP chief executive, Alexis George, said: This is yet another step in simplifying the AMP business and delivering on the promises to focus on retail banking and wealth management.
“The purchasers are more natural owners of the SuperConcepts business and we will work closely with
them to ensure a smooth transition of ownership and continuity for customers.”
“We acknowledge AMP for supporting this natural transition for the SuperConcepts business, its clients, team, and partners,” said Rowe, incoming managing director. “Our team will invest in the business and deliver technology-led solutions, great customer outcomes and seek to simplify SMSF to enable more Australians to control their super in Australia’s growing SMSF market.”
The transaction is expected to complete by the third quarter of 2023.
